Purchasing insurance can be a very daunting ordeal but it doesn’t have to be this way. In this day and age, there are a lot of resources present to help you and inform you about its benefits. This blog aims to inform you about the benefits of insurance having a term.
Term insurance benefits are benefits that you get on your specific term, which is the length of time that you decide. This period can be a specific time or years. During this period, in case there is an unfortunate demise of the insurer, the elected nominee gets a financial benefit, which can help them get through this morbid time. Some terms also offer whole life cover, meaning if the required premiums are paid, the life insurance policy is guaranteed to remain in force for the insured’s entire lifetime.
Benefits of Term Insurance:
1. Very simple to understand-
Term life insurance is a type of life insurance that is solely dedicated to providing your dependents with the insured sum in the event of your passing during the duration of the term plan.
2. Very affordable-
A term life insurance plan can have a premium as low as 0.1 percent of the total amount insured. Offer much higher coverage compared to traditional plans- For conventional, ULIP, or endowment policies, the total amount insured ranges from 7 to 10 percent of the yearly premium. A term plan, on the other hand, offers a significantly bigger sum assured, allowing you to leave your family and dependents enough money so that they won't face difficulties in your absence.
3. Tax benefits-
Although protecting the future of your family is the main goal of term insurance, you can also save money on taxes by purchasing them.
4. Premiums are unchanging-
When you purchase a term insurance plan, you essentially lock in the premium for this year, next year, and each subsequent year until the policy's expiration.
Benefits of our Term Insurance Plan:
1. Affordable Premiums-
The earlier you buy a plan, the lower the premium amount you have to pay. You can get a high-value whole life cover by paying an affordable premium amount.
2. Whole life cover-
Our plans offer substantially longer coverage. Whole life insurance plans offer coverage till the age of 99 years.
3. Payout of Sum Insured-
In case of the unfortunate demise of the person insured, the family members will receive the sum assured as a payout. The policyholder can choose for this payout to be in the form of a lump sum, an income that is either monthly or annual, a combination of lump sum and income, or an increasing income at the inception.
4. Critical Illness Coverage-
In case this is included in your plan, you will get a lump sum payout upon diagnosis of any critical illness that is covered in the plan.
5. Accidental Death or Disability Benefit-
You can add the Accidental Death or Disability Benefit to your term insurance plan. This will offer protection against any mishaps in the future.
6. Coverage for Terminal Illnesses-
Term insurance plans can give you lump sum payouts in case of diagnosis of terminal illnesses such as AIDS.
7. Tax Benefits-
You can get tax benefits on premiums paid under Section 80C along with premiums paid towards critical illness benefits under Section 80D. The lump sum amount received by nominees as the sum assured/death benefit is also exempted from taxes subject to Section 10 (10D) of the Income Tax Act, 1961.
These are some of the Term Insurance Benefits provided by the plans. They also provide you with the assistance and funds you require to get through a difficult time, such as the death of a loved one. After the demise of the policy holder, their family can be assured that the entire family will be financially secure. As there are a lot of term insurance benefits, choosing the best life insurance plan is highly recommended. We hope that this blog has helped you navigate the vast world of insurance and make an informed decision. Here's to properly insuring yourself!
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